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Thought leadership

Some interesting new research in this week’s newsletter suggesting that half of customers will switch to a competitor after just one bad experience, and four in five will leave after multiple bad experiences. The research also reveals that service is a primary driver of customer loyalty, second only to price in determining whether customers feel loyal to a brand.

The research analyses how businesses can drive customer loyalty, what matters most to people when they engage with businesses, and what differentiates leading companies from their competitors as the importance customers place on service continues to increase. While customer expectations continue to rise the report contends that companies aren’t living up to these expectations.

For example, according to the report many of the channels people want for fast, efficient resolution aren’t being offered – only a third of companies offer self-service options like knowledge base help centres, and less than a third offer chat, social messaging, in-app messaging, bots or communities. At the same time, businesses are facing competition from brands such as Disney that are providing purpose-driven solutions that are in service of the customer, raising the stakes for everyone.

The issues and challenges thrown up by this report will be examined in detail at our upcoming 2020 CX Marketing Summit on June 19. Look forward to seeing you there.

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